Hyundai Engineering has secured the construction rights for the Mokdong District 10 reconstruction project in Yangcheon-gu, Seoul, valued at approximately 2.6 trillion won. This marks Hyundai's entry into the Mokdong New Town reconstruction market, while also pushing the cumulative amount of urban redevelopment contracts this year to over 12.7 trillion won, exceeding the annual target of 12 trillion won.
According to Hyundai Engineering, the company was selected as the construction firm during a general meeting for the Mokdong District 10 reconstruction project held on October 18.
The Mokdong District 10 reconstruction involves transforming the existing 2,160 housing units in the area of Sinjeong-dong, Yangcheon-gu, into a total of 4,248 housing units, with a maximum height of 40 floors, along with community facilities. The project will add 2,088 new housing units and is being implemented by Korea Land Trust. The total construction cost is approximately 2.6136 trillion won.
Hyundai Engineering plans to apply its high-end residential brand 'THE H' to the Mokdong District 10 project, marking the first use of this brand in the Mokdong area.
The proposed name for the complex is 'THE H MOKDONG ESER.' 'ESER' means the number 10 in Hebrew, reflecting both the significance of Mokdong District 10 and the area's reputation as an educational hub.
The design of the complex emphasizes Mokdong's identity as an educational city. Hyundai Engineering aims to create an 'All Life Campus' concept that connects education, nature, and community, allowing residents of all ages to learn and interact in their daily lives.
International architectural and design firms are also involved in the project. Hyundai Engineering is collaborating with the globally recognized architecture firm Morphosis and the integrated design group Sasaki. Morphosis, founded by Pritzker Prize-winning architect Thom Mayne, will handle architectural design, while Sasaki, known for its experience in campus design, will contribute to landscape and community planning.
With the addition of Mokdong District 10, Hyundai Engineering's urban redevelopment contract achievements have increased. The company has secured various projects this year, starting with the Gunpo Geumjeong District 2 redevelopment in February, followed by public redevelopment in Seoul's Sin-gil District 1, reconstruction in Apgujeong Districts 3 and 5, and public redevelopment in Anyang's Chung-hoonbu area. In September, it also secured the reconstruction of Yeouido Plaza 38-1 and redevelopment in Ulsan's Nam-gu B01 and Daegu's Myeongnyun District.
With the addition of Mokdong District 10, the total number of urban redevelopment projects secured this year has reached nine, totaling 20,156 housing units. The cumulative construction amount stands at 12.7315 trillion won.
Hyundai Engineering surpassed 10 trillion won in urban redevelopment contracts for two consecutive years as of September, and within a month, it exceeded its annual target of 12 trillion won. The construction cost for Mokdong District 10 alone accounts for about 20% of this year's total urban redevelopment contracts.
This year's contract achievements notably highlight the significance of key redevelopment projects in Seoul. The construction cost for Apgujeong District 3 is the largest at 5.561 trillion won, followed by 1.0472 trillion won for Apgujeong District 5, 2.6136 trillion won for Mokdong District 10, and 546.3 billion won for Yeouido Plaza 38-1 reconstruction.
A Hyundai Engineering representative stated, "Mokdong District 10 is a significant project as it marks our first step into the Mokdong New Town reconstruction market. We will combine our technological expertise, the competitive strength of the THE H brand, and global design capabilities to inherit Mokdong's educational pride as future residential value, creating a premium residential complex that will be recognized for its value over time."
* This article has been translated by AI.
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